KM Properties and National Bank of Dubai Sign Conditional Escrow Account Agreement
The well-known real estate company KM Properties again set an example to the rest by signing, in accordance with the articles of the new Law No. 8 of 2007 of the Dubai Land Department, concerning the opening of guarantee accounts for real estate, an agreement on opening a conditional escrow account with National Bank of Dubai and becoming one of The first developers who adhere to new changes in the law.
KM Properties has opened its new escrow account, which will protect all of its current and future property owners and investors. KM Properties, the first private developer to adopt Law No. 8 when registering as a realtor with the Land Department in August years, now offers escrow services that apply to all of the company's many real estate properties.
"A escrow account is an important and effective mechanism that is used to reduce risks when investing in the Dubai real estate market. The operation of this mechanism depends entirely on the controlling role of RERA - the Real Estate Regulatory Authority, which is a division of the Land Department, and will apply to all the money invested by customers, and to where and how efficiently the developer spends these investments, "said Halud Abdullah Al Rostamani, ouchreditel and Director of KM Holding Group, the managing company KM Properties.
Commenting on the efforts expended by KM Properties to prepare such an important step, he noted: “More than a year ago, KM Properties began to prepare all its departments and units to work in accordance with the new Law No. 8. This happened immediately as soon as the government of Dubai "This law was promulgated. This allowed KM Properties to become a leader among city realtors who were the first to comply with the articles of the new law in their daily work."
“Today we can only express our gratitude to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and ruler of Dubai, for initiating a much-needed step that will stabilize the real estate market with the help of recent legislation. Entering the law No. 8 is therefore very important for Dubai's real estate market, which is already a leading market both in the Middle East region and beyond.This new law will allow Dubai to declare itself as a serious player in the world tion market when it comes to international standards and quality, "- said Halud Al Rostamani. KM Properties, one of the largest developers in the Emirates, has signed an escrow account agreement with National Bank of Dubai (NBD). The company has already established solid relations with this bank, and a recent agreement will guarantee the provision by NBD of a loan to all commercial and residential real estate of KM Properties.
Today, NBD provides financing up to 85% for apartments and up to 75% for offices in the TAMANI Exclusive project in El Matador Tower, located in Jumeirah Village Triangle, as a financial partner of KM Properties. This strategic partnership will strengthen NBD's leading position in the financial services and mortgage lending market, as well as strengthen the role of KM Properties and add peace of mind to its customers.
